Public Markets 8 Hours

Last updated: August 3, 2026, 2:32 AM ET

Treasuries and Currencies

U.S. Treasury slid in Asian trade as oil prices fell on an improved outlook for a solution in the Middle East. (REF:1) The U.S. Treasury may be using euros rather than dollars to fund its yen purchases to avoid weakening its own currency and casting doubt on its strong greenback policy, according to strategists. (REF:23) More rounds of coordinated U.S.-Japan FX intervention could occur, HSBC Global Investment Research said. (REF:24) Treasury Secretary Scott Bessent’s championing of a Federal Reserve facility Japan can use to boost the yen comes with the benefit of protecting the US bond market from excess sales. (REF:32) Japan’s stock futures pointed to a lower open as traders remained on alert for further yen intervention after Tokyo and New York coordinated to support the currency. (REF:52) Kioxia Holdings Corp. may come under pressure after missing guidance. (REF:52) Bessent Japan have stated they will not hesitate on more intervention. (REF:51)

Equities and Commodities

Emerging-market equities fell for the first time in three days, led down by South Korean chipmakers unwinding some of the record gains they made on Friday. (REF:6) South Korean stocks slipped, as heavyweight chipmakers faced selloffs after Friday’s record gains while investors unwound leverage-backed trades. (REF:37) Morgan Stanley upgraded South Korean stocks to overweight, saying the recent “leverage washout” offers investors a better entry point into the artificial intelligence trade and industrial super-cycle. (REF:49) CXMT Corp. is one of the most polarizing stocks in Asia, with the range of analyst opinions delineating the key arguments driving volatility in the memory-chip stock trade. (REF:43) Japanese stocks were lower in early trade following Friday’s sharp gains as uncertainty over the Iran conflict continued. (REF:41) Fanuc Corp. plunged the most in four decades after the maker of factory robots raised its profit outlook by less than expected, heightening fears about soaring prices of materials. (REF:26) Oil prices were lower in early Asian trade amid hopes of a possible U.S.-Iran deal that could ease supply disruptions. (REF:48) Oil prices plummeted as investors digested a pause in fighting in the Iran war. (REF:50) The markets’ moves were the first since President Trump said late Saturday that he had halted a U.S. assault on Iran. (REF:50) Gold advanced after US President Donald Trump said fresh negotiations with Iran would begin later on Monday, raising hopes for a breakthrough in the months-long conflict that would ease energy-driven inflation. (REF:45) Gold rose, with the direction of the U.S. dollar, U.S. Treasury yields, and incoming U.S. labor market data expected to affect gold’s trends more than the traditional safe-haven narrative. (REF:35) Iron ore sank to the lowest level in more than a year amid concerns about a major physical trader of the commodity, which compounded existing market softness linked to a challenging demand outlook. (REF:27)

Corporate and Deal News

Japan’s Orix has agreed to buy Aer Fin Ltd., a UK-based airplane parts company, in a deal worth about ¥100 billion ($640 including debt, people familiar with the matter said. (REF:4) Malayan Banking Bhd. has agreed to buy out Belgian insurer Ageas SA’s minority stake in Etiqa, a move that would give Malaysia’s biggest lender full ownership of the Southeast Asian insurer. (REF:22) AstraZeneca and Bristol Myers Squibb are discussing a potential $400 billion tie-up. (REF:5) British entrepreneur James Dacombe, has tripled his AI chip start-up Olix’s valuation to $3.3 billion, raising $312 million from investors including Arm in an effort to take on Nvidia. (REF:14) Detroit carmakers had a strong second quarter, while their European rivals remained downbeat. (REF:15) AB InBev is shifting marketing dollars to other brands as tie-ups with celebrities and cage fighting failed to halt the decline in sales of Bud Light. (REF:17) NHS England will revise its Palantir platform data after staff concerns grew over the U.S. tech company’s contract. (REF:16) Ofcom chair Ian Cheshire has launched a review of the regulator, stating that the watchdog will need “more resources” to enforce online safety rules as it takes on a wider brief. (REF:13) Daimler Truck is bringing forward its target to 2028 to double its defense revenue to €1 billion, with the chief executive stating that defense investments will create positive spillovers. (REF:19)

Economic and Political Developments

China’s manufacturing activity slowed in July for export-oriented firms, according to a private survey, in line with an official gauge. (REF:28) Chinese government bond futures began trading in Hong Kong on Monday, marking authorities’ third attempt to use the hedging tool to further open up the country’s debt market. (REF:29) India’s initial public offering boom is fading, with proceeds down by a fifth from a year earlier as companies cut deal sizes, accept lower valuations, and delay listings, raising doubts about sustainability. (REF:31) Zepto has delayed its IPO, marking the latest sign that India’s listing boom is losing momentum. (REF:25) Manipal Health, Indo-MIM, and Juniper Green Energy have cut offer sizes to get their deals through. (REF:25) India’s equity market close is about to align with major global peers, which could come at a cost for arbitrage funds. (REF:33) Traders expect India’s short-dated bonds to outperform debt with long duration, as the central bank is expected to keep interest rates on hold and banks are set for a large cash surplus. (REF:36) The French government has asked postal workers to check in on older people to help prevent heat-related deaths. (REF:7) Moroccan migrants described their despair at their economic future, explaining what propelled them across the border with Spain. (REF:8) Lenders are signaling a willingness to offer campaign loans to French political parties if government guarantees are in place, potentially boosting financing for Marine Le Pen. (REF:9) Governments have stopped correcting budget deficits, but bond markets have so far allowed them to continue this trend. (REF:10) The ‘junk’ label for high-yield bonds has been left in a different era. (REF:11) Changes at the Australian Securities Exchange are the latest sign of a global rollback of diversity policies, referred to as the ‘Trump effect’. (REF:12) Financial companies hope to modernize markets with blockchain technology, but systemic risks remain. (REF:20) The bloc’s home affairs ministers will convene this week as tensions over immigration policy mount, reopening deep EU rifts. (REF:21) Amid geopolitical barriers that risk slowing progress and trade, Europe can become a trusted connector. (REF:18) An earthquake with a magnitude of 5.3 was recorded near Suez, Egypt, according to the US Geological Survey. (REF:40)